Hub71, Abu Dhabi’s global tech ecosystem, has accepted 16 startups to join its community. By launching operations in Abu Dhabi, the new startup cohort, which has already raised more than AED 231 million in funding, will have the opportunity to develop advanced technologies and gain access to the market, investment,...

Abu Dhabi’s non-oil foreign trade in the first quarter (Q1) of 2022 amounted to AED61.522 billion ($16.74 billion), a 15 percent increase compared to the same period of 2021. Exports grew by 35 percent in the first three months of the year compared to the same period of last year ...

Food delivery drivers in the UAE went on strike Tuesday to demand better pay, the second such incident this month in a country where industrial action is uncommon. Many workers for Talabat, part of Germany's Delivery Hero, did not show up for their shifts, calling for a pay increase amid...

The UAE has proactively invested in proven clean energy and within a decade, solar and peaceful nuclear energy have delivered a transformation of the UAE’s energy sector, ensuring the nation is ahead of the curve on achieving Net Zero by 2050, said Mohamed Ibrahim Al Hammadi, Managing Director and Chief...

The growth rate of Arab economies is expected to increase to around five percent in 2022 on the back of rising oil production and its prices in the international markets.

After the Fed Reserve raised interest rates to rein in the 40-year-high inflation, GCC members followed the suit as most of the region's currencies are pegged to the dollar.

Earlier this year, the UAE rose to the top of Bloomberg’s Covid Resilience Ranking, outperforming European countries in terms of containing the spread of the pandemic

The UAE eyes around 20 unicorns, the start-ups valued at $1 billion-plus each, by 2031. These high-value startups will be part of the country's 'Entrepreneurial Nation’ initiative.

In a week truncated by the Eid holidays across the Middle East, stocks on the UAE exchanges shed gains, while there was no trading in Saudi Arabia because of Eid al-Fitr.

If there is one country in the GCC where the idea of sustainable shopping can take off, it is the UAE. Yet, there is a lot for it to do in order to make the concept work.

Ongoing loan restructurings and the gradual withdrawal of pandemic-related support packages may put further pressure on asset quality. However, the Russian-Ukrainian war will have a minimal impact on the operating environment for banks in Saudi Arabia and UAE, they say.

The Central Bank of the UAE (CBUAE) has decided to raise the Base Rate applicable to the Overnight Deposit Facility (ODF) by 50 basis points, effective from Thursday. This decision was taken following the US Federal Reserve Board’s announcement on Wednesday to increase the Interest on Reserve Balances (IORB) by...

All this can be achieved by integrating automation, providing transparency, customizing services whenever required. Also, insurers are moving towards segmentations on the back of digitization and data that enables this transition from generic fit for all plans to more meaningful and tailored plans for the policyholders, he adds.

Personal remittances of expatriates in Saudi Arabia jumped 5 percent year-on-year (YoY) to SR14.7 billion ($3.91 billion) in March. Saudi Gazette, citing data released by the Saudi Central Bank (SAMA), said that compared to the previous month, remittances from expatriates in Saudi Arabia jumped 31 percent, or SR3.5 billion. The...

From overseas to the domestic circuit, the tourism industry in the Gulf Cooperation Council is witnessing a welcome resurgence, especially after two years of the Covid-19 pandemic.

The preliminary results come after the world's biggest oil exporter resisted US entreaties to raise output in an attempt to rein in prices that have spiked since the Ukraine war began.

The Emirates Development Bank (EDB) has restated its commitment to financial inclusion in the UAE with a range of financial solutions and services that enhance the profitability of the country’s SMEs and startups. On the occasion of Arab Day for Financial Inclusion, which is celebrated on April 27 of each...

The UAE has reaffirmed its support for workers' rights on the Workers' International Day. Dr. Abdulrahman Al Awar, Minister of Human Resources and Emiratisation, has hailed the UAE leadership's unwavering support for the labour market by endorsing legislation conducive to enhancing the elasticity, resilience and sustainability of the labour market...

Cybercrime has risen to the forefront of physical security concerns. And big firms are acutely aware of the problem, says Ephrem Tesfai from Genetec tells TRENDS.

The Central Bank of the UAE (CBUAE) has announced that the new AED5 and AED10 banknotes have entered circulation in the UAE following distribution to all banks operating in the country.

The main Saudi index had a variable week, the Abu Dhabi exchange suffered a slight decline, while, the main index in Dubai closed unchanged.

A rising number of tech-savvy millennials, 60 percent of whom shop online, is one of the most important factors responsible for the rising ecommerce sales.

The United Arab Emirates announced Friday it will send an astronaut on a six-month mission to space, as it seeks to become a major player in the industry. The country signed "a new agreement to send the first Arab astronaut on a long 180-day mission to the International Space Station",...

The new logistics park is scheduled to open in 2023.

The Central Bank of the UAE said that total bank deposits increased by 0.3 percent, climbing from AED 1,982.4 billion at the end of January 2022 to AED 1,988.2 billion at the end of February 2022. The bank said the rise in total bank deposits was due to growth in...

Legal and business leaders tell TRENDS that the new legislation is in line with the industrial modernization roadmap that the country has undertaken.

The UAE and Turkey are in final talks regarding the launch of a comprehensive economic partnership agreement, according to the UAE’s minister of state for foreign trade, Thani bin Ahmed Al Zeyoudi. The new partnership is expected to double bilateral trade between both countries, strengthen cooperation efforts, create new jobs,...

The spending through the month of April has been widespread, including a broader increase in sales volume and a diversification of family-oriented retail options that enhance the prosperity of the local market.

The event, along with the Arab Women Forum, will be held at Palazzo Versace, Dubai, on May 17 and 18, 2022. The annual event is back in the UAE after traveling to Saudi Arabia and Bahrain.

The CEPA was signed in New Delhi on February 18 in the presence of Crown Prince of Abu Dhabi Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi.

Chanel stores in the UAE reportedly refused to sell products to Russian customers unless they signed a document committing not to use the products in Russia.

Jordan Free and Development Zones Group Director Arwa Hiyari said the beach project is aimed at diversifying tourism.

The UAE-based Aldar Investment is the subsidiary of Aldar Properties.

Its consolidated revenues rose 0.8 percent to AED13.3 billion.

The 30 MW plant will displace almost 450,000 tonnes of CO2 emissions a year and preserve the equivalent of 45 million m3 of natural gas.

From pre-owned cars to electric vehicles, a number of trends are driving the growth of the automobile sector in countries like the UAE and Saudi Arabia.

Etihad Credit Insurance (ECI), the UAE Federal export credit company, and its Indonesian counterpart PT Reasuransi Indonesia Utama (Persero) or Indonesia Re, have signed a reciprocal reinsurance agreement to bolster their bilateral trade. The two agencies also agreed to expand their collaborative initiatives across the globe by fostering sustainable and...

UAE’s Minister of Industry and Advanced Technology Sultan bin Ahmed Al Jaber reviewed bilateral relations with Mostafa Madbouly, Prime Minister of Egypt.

Against the backdrop of mounting concerns about the supply of crude oil, the stock markets in Saudi Arabia and the UAE remained subdued this week.

Certain FMCG companies benefited from the pandemic since people spent more time at home baking and spending time together. As a result, sales of packaged foods, for example, surged during the pandemic.

The company said it added about $653m to Abu Dhabi's economy.

The UAE and South Korea have signed an agreement to boost ties between the two countries to develop entrepreneurship and scale up relationship between SMEs. The MoU was signed by Abdullah Al Saleh, Under-Secretary of the Ministry of Economy; and Kim Ki-mun, Chairman of KBIZ, in the presence of Dr....

The Central Bank of the UAE (CBUAE) has launched two new banknotes, in five and ten dirham denominations, made of polymer and enhanced by advanced technical characteristics and security features. The new banknotes are the third issue of the national currency, and reflect the CBUAE’s aim to keep pace with...

The holiday will last till the third day of the month of Shawwal, which is yet to be declared.

Now, hotel bookings will rise for Eid Al-Fitr, with Gulf markets predicted to see a considerable spike in travel bookings from April 28 to May 5, 2022, which coincides with the resumption of large exhibitions in several GCC capitals.

The uplift in overall performance was primarily driven by beachfront and luxury developments.

It also seems to be extremely helpful for customers who want to pay for a purchase in installments or make payments later, but do not qualify for credit cards. However, they have to be able to qualify for the BNPL schemes being offered, with criteria including a good credit score.

The UAE has launched conventional AED denominated Treasury Bonds (T-Bonds) with benchmark auction size of AED1.5 billion ($400 million). The bonds were launched by the Ministry of Finance (MoF) as the Issuer, in collaboration with the Central Bank of the UAE (CBUAE) as the issuing and paying agent. Subject to...

Etihad Credit Insurance (ECI), the UAE Federal export credit company, has signed a Memorandum of Understanding (MoU) with Terminus Group, an international Artificial Intelligence of Things (AIoT) smart solution provider, to strengthen the company’s trade-related digital infrastructure projects in the UAE and its expansion into new markets. The agreement, signed...

UAE’s real non-oil GDP grew by 7.8 percent in the fourth quarter of 2021, owing to the easing of business closures and the decline in restrictions on international travel, the Central Bank of the UAE (CBUAE) said. The bank said there was a 9.3 percent annual increase in Emirati oil...